Oregon Statutes - Chapter 708A - Regulation of Institutions Generally - Section 708A.630 - Negligent, excessive, dishonest or unlawful loans; civil liability of officer, director or employee.

Any officer, director or employee of an institution who knowingly or negligently loans the funds of the institution in a dishonest or unlawful manner or permits the funds of the institution to be so loaned, is liable for the full amount of the loan and for all damages that the institution, its stockholders or any other person has sustained in consequence thereof. The liability for the loan continues until the loan, with interest, is paid in full without loss to the institution. The amount of the liability may be collected by suit or action without first attempting to collect from the debtor. [1997 c.631 §197a]

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Last modified: August 7, 2008